Xero Ltd

XRO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Xero Earnings: Saturation in ANZ Fast Approaching

Roy Van Keulen

May 15, 2025

Xero's fiscal 2025 EBITDA increased 28% to NZD 638 million. The company reported a 23% increase in revenue on the prior year, or 20% in constant currency. The result was driven by growth in average revenue per user of 15%, while subscribers grew by 6%.

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Xero Ltd

Xero Earnings: Saturation in ANZ Fast Approaching

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